Built for the Needs of Today’s Homebuyers
Have you been thinking about buying a home, but not quite sure if you qualify for a mortgage loan? With a DuPage Credit Union HomeReady Mortgage, we’ll help you buy a home, hold onto savings and save money throughout the life of your loan – with as little as 3% down. And unlike other home loans, your down payment and closing costs can be funded from a gift from a relative.
Homeownership Education to Help You Succeed
As part of our HomeReady Mortgage Program, you will need to complete a convenient online course that will prepare you for buying a home and the responsibilities that come with homeownership.
Get Started with a HomeReady Mortgage
To find out if you qualify for a HomeReady Mortgage, schedule a free Home Loan Consultation with one of our friendly non-commissioned Residential Lending Specialists – no pressure, no obligation.
Frequently Asked Questions
- Do I need to make a large down payment to qualify for a HomeReady Mortgage?
HomeReady Mortgage allows for down payments as low as 3%, and, for most properties, all of the down payment funds can come from sources other than your own savings.
- Can I use funds I’ve received as a gift to help pay some or all of my down payment?
Yes, certain funds you’ve received as a gift from a relative can be used towards your down payment and closing costs.
- Will I need to pay mortgage insurance?
If your down payment is less than 20% of your home’s purchase price, you will need to pay private mortgage insurance (often called PMI), generally as part of your mortgage payment each month. Unlike the mortgage insurance premium paid monthly over the life of many government-insured loans, you may be eligible to cancel PMI after you reach 20% equity in your home — which could save you money over time.
- Is HomeReady Mortgage only for First-Time HomeBuyers?
No, HomeReady Mortgage is available to those buying their first home, and to home buyers who have owned homes in the past.
- Will I need to participate in homebuyer education to qualify for a HomeReady Mortgage?
HomeReady Mortgage requires that at least one borrower complete the Framework Homeownership Course prior to purchasing the home. The course is online and mobile friendly, so you can take it when, where and how you like (it typically takes about 4 hours to complete). You can even get one-on-one assistance from a professional homeownership advisor whose job is to help you become a successful homeowner.
- Can I use a HomeReady Mortgage to finance an investment property or a second home?
To be eligible for a HomeReady Mortgage, you must plan to live in the home as your primary residence. We have other mortgage products for investment property or second home financing and can help you find the right one.
- Is my income within the limits allowed for a HomeReady Mortgage?
HomeReady Mortgage does have income limitations in some areas to help ensure it is serving the borrowers and communities that need it most. We can help you understand how these apply to your situation.
HomeReady is a registered trademark of Fannie Mae. Income limits may apply.
We lend in all of Illinois. Closing fees vary by county.